Payday loan availability by state
Various states have different regulations when it comes to payday loans. The rules can limit how much people can borrow or how much the lending provider can charge in both fees and interest. Thirty-seven states have distinct statutes that allow cash advance loans and payday lending. Some states do not hold specific payday loan legal requirements and demand lenders to comply with interest rate caps on consumer financing. If you seek to get a payday advance, we highly recommend that you understand the laws that your lender must follow.
States that allow payday loans
Alabama Payday Loans the state law allows short term lending in amounts up to $500. Alabama laws also allot one payday advance loan at a time at a provided location.
Alaska allows short term payday advance lending in an amount not to exceed $500. The state also mandates that only one loan at a time is allowed.
California offers online and in-store payday advances. The state law requires all cash advance lenders to be licensed and follow state laws.
Colorado payday loans by any one lender cannot surpass $500. The least loan term is six months. The max annual percentage rate is 45%.
Delaware offers payday loans up to $1,000 to qualified legal residents. Most lending providers deposit the cash advance directly into your account.
Florida requires that all payday loan providers be licensed with the state and obey all mandatory regulations. The max cash advance loan amount is $500.
Hawaii payday loans are legal and readily obtainable. Residents can get a loan up to $600 in no time at all.
Idaho cash advance loans are offered in amounts up to $1,000 or 25% of the borrower's gross monthly income, whichever is lower.
Illinois is one of several states that offer payday loans of $1,000 or 25% of gross income. Providing whichever is the least amount.
Indiana cash advance loans are legal, with a set amount no higher than $550 or 20% of a resident's monthly gross income. The minimum loan term is 14 days.
Iowa offers loans up to $500 cash. The Delayed Deposit Services Licensing Act governs payday advance lenders. All providers must be licensed and resided in Iowa to finance loans.
Kansas offers up to $500 cash. People can request a payday loan if they are a resident of Kansas. Kansas Statutes § 16a-2-404 and -405 govern loans.
Kentucky offers cash advance lending up to $500 with strict regulations. The state's payday lending laws set a limit on how much your loan can end up costing.
Louisiana residents having financial difficulties can get a loan up to $350; this is an excellent option for those needing money now.
Maine has just a few cash advance lenders within the state. The highest allowable payday advance loan is $1000, with a 30% APR interest rate cap.
Michigan allows borrowers to get up to $600; this loan is to be repaid in 31 days or fewer if possible. The rates and fees will vary depending on the amount taken.
Minnesota allows lenders to provide lending up to $350 with a loan term of up to 30 days to repay. All providers must abide by the regulations.
Mississippi payday loans are legal, allowing borrowers to receive up to $500; this loan is to be repaid in 30 days or less if feasible.
Missouri offers cash advances up to $500. Missouri payday loan providers must provide borrowers with all the relevant information before disbursing a loan.
Nebraska laws assert that you may have no more than two cash advance loans taken out at a time and also limits the number of fees a lender can charge.
Nevada payday loans are legal and overseen by Nevada Revised Statutes 604A.010 et seq., which requires lenders to be licensed & abide by the law.
North Dakota allows cash advance loans not to exceed the amount of $500. The terms of the payday advance are to be no more than 60 days.
Ohio offers short-term loans for borrowers to receive up to $1,000. The term of the loan consists of a minimum of 91 days and a maximum of one year.
Oklahoma payday advances are allowed, under the Oklahoma Deferred Deposit Lending Act. The max amount a lender can give is $500.
Oregon payday loan terms last from 31 up to 60 days. Lenders may not impose more than 36% interest and a single origination fee of $10 per $100.
Rhode Island offers payday advances that top out at the $500 amount. Loan terms are 13 days or longer, with finance fees equal to 10% of the loan amount.
South Carolina lenders must acquire a separate license for every one of its locations, and each permit must renew annually. They can offer loans up to $550.
Tennessee residents can obtain a payday loan. The maximum for online loans is $425. No matter how much you acquire, credit terms of 31 days.
Texas payday loans don't restrict the amount of cash you can obtain, but it does control how long you can choose to repay this agreement.
Virginia payday advances have a max amount of $500. Residents can only have one loan out at any given time. The payback is to be two or more pay periods.
Washington Payday Loans have a max amount of $700. Residents have up to 45 days to repay the agreement. The max APR for a 14-day $100 loan is 390%
Wisconsin residents can't obtain more than $1,500 or 35% of the gross monthly income. Terms are limited to 90 days and refinance (roll-over) a loan one time.
Wyoming payday loans fall under Wyoming Statutes 40-14-362. A payday lender should have a valid post-dated check cashier license obtained from the Department of Audit, Division of Banking under the Wyoming Uniform Consumer Credit Code.
States that don't allow payday loans
North Carolina and Arizona allowed the pre-existing payday lending statutes to sunset. Arkansas revoked its laws back in 2011. Although New Mexico does not allow payday loans. The law does allow for New Mexico small loans that are restricted.